Central Property Villages Limited - Accounts to registrar (filleted) - small 18.2

Central Property Villages Limited - Accounts to registrar (filleted) - small 18.2

CENTRAL PROPERTY VILLAGES LIMITED - Company Information

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REGISTERED NUMBER: 03921988 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

CENTRAL PROPERTY VILLAGES LIMITED
CENTRAL PROPERTY VILLAGES LIMITED (REGISTERED NUMBER: 03921988)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


CENTRAL PROPERTY VILLAGES LIMITED (REGISTERED NUMBER: 03921988)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 262 349
Investment property 5 2,083,067 1,933,281
2,083,329 1,933,630

CURRENT ASSETS
Debtors 6 20,000 20,000
Cash at bank 7,352 89,941
27,352 109,941
CREDITORS
Amounts falling due within one year 7 831,735 736,510
NET CURRENT LIABILITIES (804,383 ) (626,569 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,278,946
1,307,061

CREDITORS
Amounts falling due after more than one year 8 (870,183 ) (870,183 )

PROVISIONS FOR LIABILITIES 10 (92,802 ) (92,802 )
NET ASSETS 315,961 344,076

CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 11 395,627 395,627
Retained earnings (79,667 ) (51,552 )
315,961 344,076

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The notes form part of these financial statements

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CENTRAL PROPERTY VILLAGES LIMITED (REGISTERED NUMBER: 03921988)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2020


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 March 2021 and were signed by:





Mr C M Kokotsis - Director


The notes form part of these financial statements

Page 2
CENTRAL PROPERTY VILLAGES LIMITED (REGISTERED NUMBER: 03921988)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

1. STATUTORY INFORMATION

Central Property Villages Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03921988

Registered office: 1 Kings Avenue
London
N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue represents the value of rental income chargeable in respect of the company's investment property. Revenue is recognised evenly over the period of the rental agreement.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery - 25% on reducing balance

The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.

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CENTRAL PROPERTY VILLAGES LIMITED (REGISTERED NUMBER: 03921988)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2020

2. ACCOUNTING POLICIES - continued

Investment property
Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

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CENTRAL PROPERTY VILLAGES LIMITED (REGISTERED NUMBER: 03921988)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2020

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
£   
COST
At 1 April 2019
and 31 March 2020 10,577
DEPRECIATION
At 1 April 2019 10,228
Charge for year 87
At 31 March 2020 10,315
NET BOOK VALUE
At 31 March 2020 262
At 31 March 2019 349

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2019 1,933,281
Additions 149,786
At 31 March 2020 2,083,067
NET BOOK VALUE
At 31 March 2020 2,083,067
At 31 March 2019 1,933,281

Fair value at 31 March 2020 is represented by:

£   
Valuation in 2018 488,429
Cost 1,594,638
2,083,067

Investment property was valued on an open market basis on 31 March 2020 by the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 20,000 20,000

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CENTRAL PROPERTY VILLAGES LIMITED (REGISTERED NUMBER: 03921988)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2020

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Other creditors 319,361 240,707
Directors' current accounts 512,158 495,790
Accrued expenses 216 13
831,735 736,510

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2020 2019
£    £   
Bank loans (see note 9) 870,183 870,183

9. LOANS

An analysis of the maturity of loans is given below:

2020 2019
£    £   
Amounts falling due between one and two years:
Bank loans 870,183 870,183

10. PROVISIONS FOR LIABILITIES
2020 2019
£    £   
Deferred tax
Other timing differences 92,802 92,802

Deferred
tax
£   
Balance at 1 April 2019 92,802
Balance at 31 March 2020 92,802

11. RESERVES
Fair
value
reserve
£   
At 1 April 2019
and 31 March 2020 395,627

12. RELATED PARTY DISCLOSURES

Included in the other creditors less than one year is an amount of £512,158 (2019: £495,790) due to the director of the company. The loan was interest free and repayable on demand.

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